Geode Capital Management LLC Increases Holdings in Netflix, Inc. (NASDAQ:NFLX)

Geode Capital Management LLC raised its stake in Netflix, Inc. (NASDAQ:NFLX - Free Report) by 1.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,323,952 shares of the Internet television network's stock after purchasing an additional 175,596 shares during the period. Netflix comprises 0.6% of Geode Capital Management LLC's investment portfolio, making the stock its 21st biggest position. Geode Capital Management LLC owned approximately 2.18% of Netflix worth $8,287,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank purchased a new position in Netflix in the fourth quarter valued at approximately $5,019,087,000. Proficio Capital Partners LLC boosted its holdings in shares of Netflix by 123,836.7% in the 4th quarter. Proficio Capital Partners LLC now owns 1,925,977 shares of the Internet television network's stock valued at $1,716,662,000 after buying an additional 1,924,423 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Netflix by 59.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,301,098 shares of the Internet television network's stock valued at $2,051,016,000 after buying an additional 856,307 shares during the last quarter. State Street Corp raised its stake in Netflix by 2.6% during the 3rd quarter. State Street Corp now owns 16,951,347 shares of the Internet television network's stock worth $12,023,082,000 after acquiring an additional 426,740 shares in the last quarter. Finally, Strategic Financial Concepts LLC lifted its position in Netflix by 112,896.4% in the fourth quarter. Strategic Financial Concepts LLC now owns 381,928 shares of the Internet television network's stock valued at $340,420,000 after acquiring an additional 381,590 shares during the last quarter. Hedge funds and other institutional investors own 80.93% of the company's stock.

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Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Bank of America raised their price objective on Netflix from $1,000.00 to $1,175.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Wolfe Research upgraded Netflix from a "peer perform" rating to an "outperform" rating and set a $1,100.00 price target on the stock in a research note on Thursday, January 23rd. Piper Sandler reiterated an "overweight" rating and issued a $1,100.00 price objective (up previously from $950.00) on shares of Netflix in a research note on Wednesday, January 22nd. Needham & Company LLC lifted their price objective on shares of Netflix from $800.00 to $1,150.00 and gave the company a "buy" rating in a research note on Wednesday, January 22nd. Finally, Oppenheimer raised their price target on Netflix from $1,040.00 to $1,150.00 and gave the stock an "outperform" rating in a report on Wednesday, January 22nd. Ten research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Netflix currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,023.74.

Netflix Trading Down 6.3 %

NASDAQ NFLX traded down $57.63 during mid-day trading on Friday, reaching $859.42. 3,212,374 shares of the stock were exchanged, compared to its average volume of 3,608,759. The stock has a market capitalization of $367.62 billion, a PE ratio of 43.45, a PEG ratio of 2.12 and a beta of 1.38. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.22 and a current ratio of 1.22. Netflix, Inc. has a 1-year low of $542.01 and a 1-year high of $1,064.50. The business's fifty day simple moving average is $972.68 and its 200 day simple moving average is $873.52.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The Internet television network reported $4.27 EPS for the quarter, beating analysts' consensus estimates of $4.20 by $0.07. The business had revenue of $10.25 billion during the quarter, compared to the consensus estimate of $10.14 billion. Netflix had a return on equity of 38.32% and a net margin of 22.34%. The business's revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.11 earnings per share. On average, research analysts anticipate that Netflix, Inc. will post 24.58 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Reed Hastings sold 25,360 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $921.15, for a total transaction of $23,360,364.00. Following the completion of the sale, the chairman now directly owns 394 shares of the company's stock, valued at $362,933.10. The trade was a 98.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David A. Hyman sold 41,121 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $979.01, for a total value of $40,257,870.21. Following the completion of the transaction, the insider now directly owns 31,610 shares in the company, valued at $30,946,506.10. This trade represents a 56.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 280,676 shares of company stock valued at $273,515,672 in the last 90 days. 1.76% of the stock is currently owned by insiders.

About Netflix

Netflix, Inc provides entertainment services. It offers TV series, documentaries, feature films, and games across various genres and languages. The company also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices.